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This type of loan is generally secured on the car
or vehicle which means that you don't actually own the
car until the last payment is made. Other conditions
such as keeping the car in good order and fully comprehensive
insurance <link>are often conditions.
In terms of re-payment you pay a deposit for the car
and make regular monthly payments until the debt is
repaid. HP is offered widely at dealerships and they
will earn a commission from the finance company for
each one sold.
We advise you to check the APR which by law they have
to tell you. The higher the APR generally the worse
the deal. However, the best way to compare is to calculate
how much you pay back as sometimes HP can be very expensive.
Also if you wish to sell you car and early redeem your
HP don't expect to only pay the interest for the time
as often these deals have all the interest loaded at
the front i.e. you pay the interest first and the amount
you borrowed.
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